Comparative Analysis of Accounting for Derivatives in International Financial Reporting Standards and Russian Accounting Standards

Abstract

AbstractThe article is devoted to the issue of accounting for derivatives in Russian and international practice. It is substantiated that the accounting methodology for derivatives has an important impact on the financial and property condition and performance of companies. The purpose of the article is a comparative analysis of accounting for derivatives in international financial reporting standards and Russian accounting standards. Methods of generalization, systematization and analysis of practical aspects of accounting for derivatives are used. According to the results of the study, it is shown that the main difference be-tween IFRS and RAS is in the principles for assessing assets and liabilities and correlating expenses and income with the reporting period. In view of this approach, profit under IFRS and RAS may differ. The essence of derivatives in the normative regulation of their accounting is investigating. The main differences in accounting for derivatives in accordance with IFRS and RAS are analyzed. Assumptions are presented regarding the expediency of using and spreading the practice of accounting for derivatives in accordance with IFRS in Russian practice.KeywordsFinancial instrumentsDerivativesAccountingInternational financial reporting standardsRussian ac-counting standards